🚆 Reforms Express to Run Nonstop: FM Sitharaman Backs GST, Tax & Banking Overhauls
Published by Vizzve Finacr – India’s Real-Time Finance Tracker
India’s economic transformation is shifting gears again, and there’s no pause button this time. Finance Minister Nirmala Sitharaman has reaffirmed the government’s commitment to continuing structural reforms in GST, direct taxation, and the banking sector, calling it a “nonstop reforms express.”
Speaking at a high-level policy forum in New Delhi, FM Sitharaman emphasized that the reforms are being pushed not under pressure, but because they’re essential for long-term economic resilience and global investor confidence.
🔍 Key Reform Areas Confirmed by the Finance Minister:
1. 📊 GST 2.0 Modernization Underway
Rationalization of GST slabs (expected 3-slab structure)
Reduction of inverted duty structures
End-to-end digitization of returns and refunds
Input Tax Credit (ITC) tightening to reduce fraud
✅ Impact: Better compliance, improved ease of doing business, faster refunds for MSMEs.
2. 🧾 Direct Tax Code Revamp Being Drafted
Simpler income tax structure for middle class
Rationalized exemptions and deductions
Increased automation to curb evasion
Separate provisions for gig workers and freelancers
✅ Impact: Less litigation, more transparency, and ease for salaried & gig economy.
3. 🏦 Banking Sector Overhaul
PSU bank consolidation roadmap revival
Enhanced fintech partnerships and digital credit underwriting
Stricter NPA detection via AI-based monitoring
Push for private capital infusion in cooperative banks
✅ Impact: Safer banking system, more credit access, and modernization of old institutions.
💬 FM Sitharaman’s Key Quote:
"We are not stopping this train. GST reform, tax simplification, and banking modernization will continue with full speed. These are not election strategies. These are nation-building exercises." – Nirmala Sitharaman, Finance Minister of India
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❓ Frequently Asked Questions (FAQ)
Q1. What are the main highlights of the new GST reforms?
A: A simplified 3-rate GST structure, digitized refund processing, and better ITC compliance are key pillars.
Q2. Will the new direct tax system lower tax for salaried employees?
A: Yes. The new framework aims at making tax filing easier with fewer exemptions but lower rates.
Q3. What changes are coming to public sector banks?
A: Mergers, tech upgrades, AI-based NPA detection, and better capital adequacy measures are in focus.
Q4. When will these reforms be implemented?
A: Several reforms are already in motion. GST 2.0 and Direct Tax Code drafts are expected by Q4 FY2025.
Q5. How does this affect small businesses?
A: Easier compliance under GST and better MSME lending norms will significantly help small business owners.
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Reported by Benny on June 30, 2025.
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